Maquetación 1
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Central Archive at the University of Reading Does managerial turnover affect football club share prices? Article Published Version Open Access Bell, A., Brooks, C. and Markham, T. (2013) Does managerial turnover affect football club share prices? Aestimatio, the IEB International Journal of Finance, 7. 02-21. ISSN 2173-0164 Available at http://centaur.reading.ac.uk/32210/ It is advisable to refer to the publisher's version if you intend to cite from the work. Publisher: Instituto de Estudios Bursátiles All outputs in CentAUR are protected by Intellectual Property Rights law, including copyright law. Copyright and IPR is retained by the creators or other copyright holders. Terms and conditions for use of this material are defined in the End User Agreement . www.reading.ac.uk/centaur CentAUR Central Archive at the University of Reading Reading's research outputs online E aestimatio, the ieb international journal of finance , 2013. 7: 02-21 L the ieb international journal of finance C © 2013 aestimatio , I T R A H C Does managerial turnover R A E S Affect Football Club Share Prices? E R Bell, Adrian R. Brooks, Chris Markham, Tom ̈ RECEIVED : 13 JANUARY 2013 ̈ ACCEPTED : 11 MARCH 2013 Abstract This paper analyses the 53 managerial sackings and resignations from 16 stock exchange listed English football clubs during the nine seasons between 2000/01 and 2008/09. The results demonstrate that, on average, a managerial sacking results in a post-announcement day market-adjusted share price rise of 0.3%, whilst a resignation leads to a drop in share price of 1% that continues for a trading month thereafter, cumulating in a negative abnormal return of over 8% from a trading day before the event.
[Show full text]